Dividing property in divorce is a difficult and often confusing process for many people. Many factors may influence what is fair and equitable in an individual case. Dividing assets and debts often requires more analysis than merely creating a spreadsheet to identify market values of all of the assets and performing simple math to obtain a result. Emotions often kick in, which may complicate the decision-making process. Listed below are three things to keep in mind when dividing assets during the divorce process.
In past generations, it may have seemed more common for parents to delay getting divorced until the children reached adulthood. Some couples continue to drudge through an unhappy marriage to protect their minor children from strife. However, as we discussed in July, more couples over the age of 50 are getting divorced. Many of these divorces are not due to a prior conscious decision to delay the dissolution until the kids were out of the house. Marriages break down for a wide variety of reasons, and sometimes couples that have been together for many years grow apart and seek to move on in their separate directions.
Dividing marital property can be complex. Couples facing the breakdown of their marriage often do not see eye-to-eye. Disputes over the value of the home or other substantial assets may seem burdensome. However, when one spouse decides to break the rules and hide assets before the divorce papers are filed, it is vital to work with a strong legal team to protect your financial future. Uncovering hidden assets may be more complicated than resolving disputes over market values.
If your marriage has reached the breaking point, you likely know that going through divorce can bring forth a variety of emotions. Whether divorce comes as a surprise or after a long breakdown in the relationship, the emotional turmoil can seem overwhelming for many individuals. Of course, if your marriage is at the breaking point, you likely are well aware that emotions can peak during divorce.
Many baby boomers are finding emptiness in their marriages, according to researchers. The divorce rate among couples over the age of 50 has doubled in the past 30 years. For those over the age of 65, the spike in divorces is even higher.
It is no secret that divorce is often a highly stressful experience. The loss of love, and often the loss of trust, between partners can involve emotional strains that often create barriers to ongoing communication. After the divorce is finalized, the adults often go their separate ways when it comes to day to day activities. Many individuals enter new relationships, or pursue new opportunities for their own personal growth after divorce. At the same time, maintaining a strong parent-child relationship is typically a top priority for divorced parents.
Social media has become a part of how we interact and communicate with friends. Posting on Facebook, sending a text message and tweeting on Twitter have become second nature for many when events arise in their lives. These activities have become so engrained in our culture as a way to chronicle our lives that it is easy to overlook that these messages are very public – no matter what efforts people make to limit access to their social media posts.
Determining whether spousal maintenance should be required in a divorce can be a complicated process under Minnesota law. If alimony is appropriate, calculating the amount of the maintenance award may be hotly contested. Family court judges are given wide discretion in calculating spousal maintenance awards. This kind of financial support is generally thought to be based on need. The purpose is to ensure that the recipient is able to maintain a fairly similar standard of living following the dissolution as he or she had during the marriage.